Deb Mukherjee: DRIVING THE WHEELS OF FINANCIAL INNOVATION IN INDIA
Since the early 2000s, organisations are comprehending the importance of digital inclusions to curtail risk factors and improve customer satisfaction. For that, Companies aren’t only investing in technology but also in proactive leadership that can drive digital transformation. Mr. Deb Mukherjee, CEO of Wisdom Capital, is undoubtedly a perfect example of a new-age leader. His venture is one of the robust online trading models that has a PAN-India client base.
CONCEPTUALIZING A NEW AGE TRADING MODEL
Mr. Mukherjee is an award-winning entrepreneur with extensive experience in the investment world, particularly in stockbroking and financial markets in India. Starting almost a decade ago, he witnessed the changing tides in the Indian Financial space and observed how innovation will change the game in the stockbroking industry. To build and grow in such a scenario, in 2013, he pioneered the online discount brokerage model and created a brand – Wisdom Capital.
Wisdom Capital is a sister concern of Ashlar Securities which is a member of the NSE, BSE, MCX – SX, MCX, and USE and offers trading facilities, software support, technical charts, app based services, and digital marketing services. Wisdom Capital’s clients can trade in the following segments: Equity, Futures, Options, Currency trading, Commodity trading.
In addition, Mr. Mukherjee’s fervour about technology is unsurpassed. Right from the start, he introduced the E-KYC model in his company, taking a step towards conserving nature and streamlining the business operations. The paperless KYC process also helped the company to achieve sustainable corporate governance. Apart from that, he offered fair pricing to investors and broke the cycle of exorbitant brokerage charges by introducing a uniform no frills service package for all trading solutions and platforms. And with his prowess, Wisdom Capital has turned into a leading capital market services provider with over 20,000 clients spread across India.
FORAYING INTO VARIOUS SEGMENTS
With the staggering success of Wisdom Capital, Mr. Mukherjee thought of entering other business arenas. As a result, he founded Wisdom Group, commissioning multiple businesses under one umbrella: Wisdom Tree Ventures (IT industry), Wisdom Capital (Financial markets), Wisdom CRM (SaaS-based Software), Wisdom Policy (Insurance Aggregator), and WishGames11 (Fantasy Gaming). However, his vision extends far beyond business operations. He aims to educate society on the importance of financial planning in daily life. This draws out his idea of developing a trading school where he and other financial leaders can enlighten people on financial literacy.
ADDRESSING PANDEMIC ERA
While his knowledge and experience have been the bedrock of his ascension, Mr. Mukherhee believes people who struggle to earn a livelihood and make ends meet are the real Heros: They inspire him. He was petrified, by the chaotic scenario of 2020 – how people were losing jobs, the economy was sinking, ruining millions of livelihoods. To help the community, he decided to enter the fantasy gaming industry because it offered people an opportunity to ‘play and earn’ at their leisure. After plenty of research, analysis and feasibility studies, he found an eminent gaming platform: WishGames11.
In simple words, the platform is a fine blend of entertainment and earning opportunities. Users can earn while playing their favourite sports. What makes it more interesting is that upon registration, users have the option to earn a living for a lifetime. Instead of barely being a cheering spectator in front of screens, the app allows sports lovers to have real-life entertainment and an earning option: this distinguishes Wishgames11 from other platforms in the market.
Furthermore, he extended a helping hand to the needy people in the vicinity of his corporate office. Wisdom Group supports the livelihood of numerous people belonging to the economically backward and underprivileged section of society via an NGO: SERVE.
NAVIGATING BUSINESS THROUGH COVID-19
COVID-19 has taken the world by storm, affecting everyone and everything in the way. But, the scenario didn’t shake the will or dedication of the great master at Wisdom Capital. While it took some time to map a credible framework, Wisdom Capital found its way with work from home options for its employees. Wisdom Capital refrained from cutting down salaries; on the contrary, it gave away 20% hike and double salaries to its people providing essential services during this global health crisis.
As a result, many employees showed up at the office to show solidarity. Wisdom Capital understands the value of people as an asset. More than technology and practices, they are the foremost resource. Even in isolation, it becomes prudent for leaders to create an inspiring culture. He held interactive online sessions with every employee to motivate them and inspire trust for the Company. “My approach is to have faith in the employees and boost their confidence at regular intervals by holding training sessions with them”, asserts Mr Mukherjee.
CONTRIBUTING TO THE GREATER GOOD
Addressing the pain points of society has been one of the critical concerns for Mr Mukherjee. According to him, contributing to social causes is the moral responsibility of every leader and entrepreneur. Wisdom Group runs SERVE (Street Family’s Empowerment Through Reducing Vulnerable Environment): an NGO that addresses the concerns of the underprivileged segment of society. The foundation focuses on the core challenges and hosts multiple campaigns, such as medicine donation, free empowerment programs, and food stalls for daily wage earners.
ACHIEVEMENTS AND ACCOLADES
Mr Mukherjee’s years of endurance, innovative thinking and style of leadership hasn’t gone unnoticed in the business fraternity. In the last few years, his Company has earned several prestigious accolades, marking its distinguished excellence. Few noteworthy mentions include:
- India’s Most Trusted Fantasy Gaming Brand 2021
- Best Brand Award in Uttar Pradesh Brand Leadership Awards in 2021
- India’s Most Trusted Brand by the White Page International in 2020
- Amity Corporate Excellence Award for Promotional Financial Literacy
The Company also won the epithet “Best Branding Award” from World Marketing Congress at Uttar Pradesh Brand Leadership Awards, 2021. Last but not least, the Company has earned the title of “India’s Most Admired Financial Advisory Services Company”. Last year, at a conclave by White Page International in Mumbai, he was bestowed with the “India’s Inspirational Leader“ award.
His most recent venture WishGames11 is a blend of the best innovation techniques and technological advancements, making it one of the fastest-growing brands in 2021-21. As its key figure, he aims to explore the M&E (Media and Entertainment) space focusing on areas like AI-powered virtual reality and cloud streaming.
PLANNING THE ROAD AHEAD
Technology is the key that will shape the future of every business. Blending innovation with operations has set the wheel in motion for Wisdom Capital and it has already made a strong foothold in the Fintech space. As the future unveils, incorporating cloud based services and AI embedded engines at all levels and upgrading existing technology at every step will be crucial for staying ahead of the curve.
Apart from that, Mr. Mukherjee is single handedly spearheading the campaign (on print, social, legal front) against the Peak Margin circular issued by SEBI; the circular makes it mandatory for stockbrokers to collect upfront margins from clients in intraday trading. Mr. Mukherjee believes that this is unconstitutional and against the greater good of the investor/trading community.
He took it upon himself to fight the cause of the retail participants in the market. A number of participants have now joined the campaign against the impugned circular of SEBI. Only time will tell the outcome of the battle but Mr. Mukherjee’s spirit is incorrigible and must be applauded. When he wins, retail investors of the future will thank him for it.
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